Fund Overview

Investment Objective

The Fund aims to provide an attractive total return, irrespective of broader economic and financial market conditions, by investing in companies operating within the international insurance sector.

Investment Philosophy

The portfolio is managed as a pool of underwriting capital on behalf of the Fund’s shareholders. The Fund seeks to identify 30-35 underwriting specialists that when combined offer a level of diversification that is important in investing in this sector. The Fund Manager flexes the portfolio composition to particular classes of business as premium rates, terms and conditions, and loss activity change. The Fund Manager seeks to identify and allocate capital to the best in class proven companies, where underwriting is absolutely key. This naturally leads the Fund Manager to invest in companies which have more focused underwriting strategies and where management have a meaningful ownership stake and are incentivised on growing book value per share and dividends over time. We believe this is the ultimate driver of share price performance over the long term.

The team do all their own analysis and research with great importance placed on meeting management. Insurance is a promise to pay and therefore an assessment of management integrity is a key part of the investment process.

Key Facts

Managed by industry professionals
Low correlation to broader equity markets
20+ year track record (since launch)
Typically own 30‑35 holdings with low turnover
No benchmark or tracking error constraints
Fundamentally-driven analysis and stock selection

Fund Managers & Analysts

Nick Martin

Lead Fund Manager

Dominic Evans

Fund Manager

Nick Martin

Nick joined Polar Capital in September 2010 and is fund manager of the Polar Capital Global Insurance Fund (previously the Hiscox Insurance Portfolio Fund).

Nick has worked on the Fund since 2001 when he joined Hiscox plc. He participated in the management buyout of Hiscox Investment Management in 2007 when the business was renamed HIM Capital Ltd. He has developed a broad knowledge of the insurance sector during this time and from working for the chartered accountants, Mazars Neville Russell, where he specialised in audit and consultancy work for insurance companies and brokers.

Academic qualificationsBSc (1st Class Hons) in Econometrics and Mathematical Economics, London School of Economics and Political Science
Professional qualificationsChartered Accountant. Member of the ICAEW
Industry experience23 years

Dominic Evans

Dominic joined Polar Capital as an investment analyst in October 2012 from KPMG and, since March 2022, is a fund manager on the Global Insurance Fund.

Dominic previously worked as part of KPMG's insurance segment which he joined as a graduate trainee. At KPMG, he obtained broad experience working on a range of global insurance companies through roles within M&A and IPO due diligence, audit and markets. Prior to KPMG he worked for a year in corporate finance focusing on natural resource companies.

Academic qualificationsBA (1st Class Hons) in History, University of Newcastle-upon-Tyne
Professional qualificationsChartered Accountant. Member of the ICAEW
Industry experience13 years

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Countries in which this fund is available

Please click on each country to see share class availability

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Global Insurance Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Daily TR World Net Insurance Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Source & Copyright: ©2022 Morningstar. All Rights Reserved. Rating representative of the I GBP Acc Share Class, as at 31/03/2022. Ratings may vary between share classes. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about the Morningstar Rating or Morningstar Analyst rating, including its methodology, please go to: http://corporate1.morningstar.com/AnalystRating/.

Enabling global resilience and sustainability

Insurance is an industry that has environmental, social and governance (ESG) factors at its core. It plays a vital service within society, making communities more resilient and playing a key role in the transition to a greener and more sustainable future.

But the evidence suggests that insurance is an underappreciated sector within most ESG and sustainability portfolios. The Polar Capital Global Insurance Fund aims to capitalize on the long-term secular trends within the insurance industry while prioritising ESG issues, pushing for more action at both a company and industry level over sustainability issues. For more detail about how we incorporate ESG analysis into the Fund’s process, download the ESG and Sustainability Insights Presentation below.

ESG Policy Documents

Global Insurance Fund - Sustainability Related Disclosures

09 Mar 2021

Sustainability Framework

Our ESG and sustainability approach

We assess each holding on a quarterly basis against our proprietary ESG-scoring process. We have identified 20+ key ESG metrics to measure against, which we view as central to the continual success of an underwriting business in building book value per share over time and furthering industry sustainability. ESG scoring is also integrated into our ‘margin of safety’ approach to valuation.

A company’s rating is determined by being measured against these ESG factors, as well as the company’s direction of travel; all of which contribute different weightings towards the final overall rating.

Our process is focused on identifying companies with an underwriting and risk management-driven culture, fostered by management ownership and the right incentive structures.

We look at a company’s strategy, culture and governance through company meetings, deep studies, market and expert insights, site visits and Proxy analysis.

Aligning the UN Sustainable Development Goals

We consider insurance to be one of the few industries that contributes meaningfully to progress against all 17 of the United Nations Sustainable Development Goals.

The construction of our portfolio around ESG factors corresponds to the pursuit of the SDG’s at two different levels.

1. Company level - how the environmental, social and governance factors we consider are directly influencing a holding’s individual contribution to achieving the SDG’s.

2. Sub-sector level - how the different insurance areas we invest in are each are contributing to achieving the SDG’s.

Governance

45%

Weighting

Portfolio ratings are skewed towards governance factors including management capability, ownership, integrity and shareholder alignment.

Social

20%

Weighting

Our proprietary social analysis is informed by site visits, multiple internal and external data sources, management and underwriting meetings and the fund managers’ own extensive industry experience.

Environmental

20%

Weighting

Companies must have acted in support of the Paris Agreement objectives. Best-in-class companies are driving industry engagement and moving towards more advanced climate modelling and risk mitigation efforts.

Direction

15%

Weighting

Many companies have only just begun to formally articulate their approaches to sustainability. The majority of holdings are rated Good or Average for their direction of travel and continue to improve.

Investment Integration

A fully integrated investment approach

Assessment of each of our holding’s ESG metrics is part of a wider process of company reviews, which we carry out on a quarterly basis. We run a concentrated portfolio of 30-35 stocks and have a similar number on a watchlist.

This means we usually change just one or two companies a year in the portfolio, which in many cases is as a result of years of careful research, site visits and management meetings. We regularly meet with management teams and insurance industry experts, and we also participate in many hundreds of meetings and site visits each year beyond just our core holdings.

Engagement

Building strong relationships with management teams

We actively engage and challenge our companies at the highest level. Where companies fall below our governance expectations, we generally seek to encourage improvement over time via sustained engagement. However, should ESG ratings continue to lag the rest of the portfolio and action falls on deaf ears, this would unsurprisingly bring into question our continued investment in the company.

Topics we engage on:

Management Remuneration

Board Diversity

Climate Change

Technology Adoption

UN Sustainable Development Goals

Supporting Industry Initiatives

Product Development

Voting

Active stewards of our clients capital

Without exception we also exercise our shareholder rights to vote at companies’ AGM’s on a wider range of ESG issues. We do all our own voting rather than using a central function, which is often the case at other investment groups. We have a robust annual review process in place, which involves reviewing proxies, assessing third-party proxy analysis and research.

Find out more about Polar Capital's voting

Related Insights

Global Insurance

The insurance industry: helping us all to mind the gap

Nick Martin

2 Dec 2021

Global Insurance

Global Insurance: Climate Change, COVID-19 and valuations today

Nick Martin

3 Aug 2021

Global Insurance

How mother nature helps and hinders insurance

Nick Martin

26 Jul 2021

Countries in which this fund is available

Please click on each country to see share class availability

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Global Insurance Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Performance (%)

Change

Cumulative Performance (%)

								Since Launch
	1m	3m	YTD	1yr	3yrs	5yrs	10yrs	Cumulative	Annualised
GBP Class R Acc	-0.77	6.82	7.93	13.80	27.46	53.23	271.77	775.75	9.67
Index	-2.17	2.73	5.92	12.80	28.80	52.74	256.78	238.89	5.33

Source: Northern Trust International Fund Administration Services (Ireland) Ltd, monthly percentage growth, GBP and has been calculated to account for the deduction of fees. Fund performance does not take account of any commissions or costs incurred by investors when subscribing for or redeeming shares. The GBP Class R Acc was launched on 16 October 1998. The index performance figures are sourced from Bloomberg and are in GBP terms. These figures refer to the past. Investments in funds are subject to risk. Past performance is not a reliable indicator of future returns. The money invested in a fund can increase and decrease in value and past performance is not a reliable indicator that you will get back the full amount invested. The performance calculation is based on GBP. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

The Polar Capital Global Insurance Fund was launched on 27 May 2011 (the Hiscox Insurance Portfolio Fund, launched 16 October 1998, was merged into the Polar Capital Global Insurance Fund on 27 May 2011). Performance data prior to 27 May 2011 relates to the Hiscox Insurance Portfolio Fund. Whilst the investment management team and strategy are identical between the Hiscox Insurance Portfolio Fund and the Polar Capital Global Insurance Fund, please note not all terms are consistent, including fees. Please refer to the Fund Prospectus for details of the Polar Capital Global Insurance Fund. Past performance is not indicative or a guarantee of future returns. Prior to the amalgamation of both funds, the benchmark was the Datastream World Insurance Index (£). The benchmark was changed at the launch of the Polar Capital Global Insurance Fund to the MSCI Daily TR World Net Insurance Index as it is the benchmark upon which performance fees are calculated.

Since launch of the MSCI Daily TR World Net Insurance Index on 30 October 1998.

12 months to	29.04.22	30.04.21	30.04.20	30.04.19	30.04.18
GBP Class R Acc	13.80	30.79	-14.36	17.23	2.54
Index	12.80	35.45	-15.70	9.39	8.40

Countries in which this fund is available

Please click on each country to see share class availability

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Global Insurance Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Daily TR World Net Insurance Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Performance: The performance shown has been calculated to account for the deduction of fees and expenses and includes the reinvestment of dividends and capital gain distributions. £ or GBP/US$/JPY/EUR/CHF = Currency abbreviations of: British Pound sterling/US Dollar/Japanese Yen/Euro/Swiss Franc, respectively.

Risk: Factors affecting fund performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Fund’s investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Fund to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Polar Capital may also receive a performance fee based on the appreciation in the NAV per share and accordingly the performance fee will increase with regard to unrealised appreciation, as well as realised gains. The performance fee may create an incentive for Polar Capital to make investments for Polar Capital Funds plc which are riskier than would be the case in the absence of a fee based on the performance of Polar Capital Funds plc.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Top 10 Positions (%)

Arch Capital	7.8
Chubb	7.8
Marsh McLennan	7.1
Alleghany	5.6
Markel	5.5
Fairfax Financial Holdings	5.2
WR Berkley	4.9
RenaissanceRe Holdings	4.4
Essent Group	4.3
Intact Financial Corp	4.0
Total

Market Capitalisation Exposure (%)

	Large Cap (>$20bn)	37.9
	Mid Cap ($5bn - $20bn)	43.6
	Small Cap (<US$5bn)	18.5


Commercial	44.8
Retail	16.4
Reinsurance	14.1
Insurance Brokers	12.1
Life and Health	6.7
Multi-line Insurance	4.2
Cash	1.7


US	75.3
UK	10.5
Canada	9.3
Asia	1.9
Europe	1.3
Cash	1.7

Note: Totals may not sum due to rounding.

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

Countries in which this fund is available

Please click on each country to see share class availability

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Global Insurance Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the fund. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the fund’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. This document is designed to provide updated information to professional investors to enable them to monitor the Fund. No other persons should rely upon it. The information provided in this document should not be considered a recommendation to purchase or sell any particular security.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Daily TR World Net Insurance Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Fund may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Fund is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Fund while minimizing its risk. The actual investments in the Fund may or may not be the same or in the same proportion as those shown herein.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

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Investment Insights

Countries in which this fund is available

Please click on each country to see share class availability

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Global Insurance Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Forecasts: References to future returns are not promises or estimates of actual returns Polar Capital may achieve, and should not be relied upon. The forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that may not yet have taken place and may never do so.

Statements/Opinions/Views: All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. This material does not constitute legal or accounting advice; readers should contact their legal and accounting professionals for such information. All sources are Polar Capital unless otherwise stated.

Benchmark: The Fund is actively managed and uses the MSCI Daily TR World Net Insurance Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Fund Literature

Key Fund Literature

Circular MA Amendment Appointment of ManCo

06 May 2021

Reportable Income - Polar Capital Funds plc

30 Dec 2020

Polar Capital Funds plc - Summary of Investor Rights

02 Aug 2021

Countries in which this fund is available

Please click on each country to see share class availability

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Codes & Fees

Institutional shares
Retail shares

	Bloomberg	ISIN	SEDOL	OCF
GBP Class R Acc	PCFIRGA ID	IE00B4X2MP98	B4X2MP9	1.35%	-
GBP Class R Dist	PCFIRGD ID	IE00B51X0H96	B51X0H9	1.35%	-
USD Class R Acc	PCFIRUA ID	IE00B5164B09	B5164B0	1.35%	-
USD Class R Dist	PCFIRUD ID	IE00B4X9QT28	B4X9QT2	1.35%	-
EUR Class R Acc	PCFIREA ID	IE00B52VLZ70	B52VLZ7	1.35%	-
EUR Class R Dist	PCFIRED ID	IE00B547TM68	B547TM6	1.35%	-
GBP Class RA Dist	SNGIHPI ID	IE00B5NH4W20	B5NH4W2	1.35%	*
GBP Class RB Acc	SNGIHPA ID	IE00B63V4760	B63V476	1.35%	*
GBP Class I Acc	PCFIIGA ID	IE00B5339C57	B5339C5	0.85%	-
GBP Class I Dist	PCFIIGD ID	IE00B530JS22	B530JS2	0.85%	-
USD Class I Acc	PCFIIUA ID	IE00B4Y53217	B4Y5321	0.85%	-
USD Class I Acc Hedged	PCGIIHU ID	IE00BD3BW042	BD3BW04	0.85%	-
USD Class I Dist	PCFIIUD ID	IE00B503VV16	B503VV1	0.85%	-
EUR Class I Acc	PCFIIEA ID	IE00B55MWC15	B55MWC1	0.85%	-
EUR Class I Acc Hedged	PCGIIHE ID	IE00BD3BW158	BD3BW15	0.85%	-
EUR Class I Dist	PCFIIED ID	IE00B4V4LB63	B4V4LB6	0.85%	-
GBP Class I Dist (E)	HISIPEI ID	IE00B4XZ9Q84	B4XZ9Q8	0.85%	*
GBP Class I Acc (F)	HISIPFA ID	IE00B61MW553	B61MW55	0.85%	*

OCF is correct as at the date of the latest published KIID.

Minimum investment

US$

or its foreign currency equivalent.

Annual management fee

0.75%

Performance fee

10%

Performance fee based on outperformance of index.

Countries in which this fund is available

Please click on each country to see share class availability

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Polar Capital Funds plc - Global Insurance Fund	549300NR2E7UPARF0U07
Polar Capital Funds plc	AC04XZR030XL8IH7BK98
Polar Capital LLP	4YW3JKTZ3K1II2GVCK15

Regional

Thematic & Sector

Alternative

SICAV

Investment Trusts

Global Insurance Fund

Investing primarily in non-life insurers to generate long-term returns

Fund Overview

Investment Objective

Investment Philosophy

Key Facts

Fund Managers & Analysts

Nick Martin

Dominic Evans

Nick Martin

Nick joined Polar Capital in September 2010 and is fund manager of the Polar Capital Global Insurance Fund (previously the Hiscox Insurance Portfolio Fund).

Dominic Evans

Related Insights

The insurance industry: helping us all to mind the gap

Global Insurance: Climate Change, COVID-19 and valuations today

How mother nature helps and hinders insurance

Countries in which this fund is available

Enabling global resilience and sustainability

ESG Policy Documents

Our ESG and sustainability approach

Aligning the UN Sustainable Development Goals

45%

20%

20%

15%

A fully integrated investment approach

Building strong relationships with management teams

Active stewards of our clients capital

Related Insights

The insurance industry: helping us all to mind the gap

Global Insurance: Climate Change, COVID-19 and valuations today

How mother nature helps and hinders insurance

Countries in which this fund is available

Fund Performance

Cumulative Performance (%)

Discrete Annual Performance (%)

Countries in which this fund is available

Portfolio Exposure

Top 10 Positions (%)

Market Capitalisation Exposure (%)

Sector Exposure (%)

Geographic Exposure by Listing (%)

Countries in which this fund is available

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Investment Insights

Countries in which this fund is available

Fund Literature

Key Fund Literature

Fact Sheet History

Regulatory Documents

Sustainable Finance Disclosure Regulations

Tax & Distribution Reporting

Report & Accounts

Corporate Documents

Further Literature

Dealing Forms

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Codes & Fees

Legal Entity Identifier (LEI)

Countries in which this fund is available

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Terms and Conditions

Regional

Thematic & Sector

Alternative

Investment Trusts